The demand for home loans rose last week, giving rise to further speculations that the real estate downturn may be easing. According to the Mortgage Bankers Association, mortgage applications rose to 6.6% for the week ended June 19, 2009 and it was 17.2% higher when compared to the same week last year.
Yesterday, the National Association of Realtors stated that existing home sales rose 2.4% from the April 2009 levels. Low interest rates, affordable prices and the $8,000 tax credits are helping to absorb the housing inventory.
First time home buyers accounted for 29% of the sales in May. Also, the number of buyers actively looking is up almost 10% from a year ago.
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